Challenges Of Global Economic Crisis
“Jack and Jill.” Went up the hill,
To fetch a pile of water
Jack fell down,
The bucket dropped down,
Water came tumbling,
Jill came tumbling,
And finally the whole hill came tumbling!!"
Old Mr. Jack and Mrs. Jack of Uncle Diddly's nursery rhyme would have never wondered that crashing down of Lehman Brothers or ALG out of the blue could have brought the whole hill tumbling down.
The world population never had the time to think of an entirely new crisis, when they emerging terrorist organizations (to add to the many!) and increasing cross border in their hand.
The world with her leaders appeared frozen when, interestingly, the globe was proven to be melting.
The closing down of a single strong firm named Lehman Brothers alone did not spark the five as expected by many. But the snobbish planning and fragility of entire infrastructure upon which the entire economy is budded upon is believed to have brought it to a crisis.
The global media failed to nickname the crisis as her predecessors like the "Black Friday" or the "Dark Age" since the remedies resolved then failed to stop the ice from melting. Quiet apt, the economists call her the "Global Meltdown".
Reporates, double rapo rates, interest rates and all those that seemed a burden to the crisis hit industries, were brought down by the banks. The defects are yet to be known.
India was spared the least. The most promising economy boom to the country, the I.T industry, suffered in the elutches of the crisis. The industries that recorded an all-time high recruitments previous year competed for an all time high job slashes this time. The governments that privatized the national and local banks surfing their tenure are no more here to feel the blunt of the axe. It is much relieving to see that the blame game unlike other issues(like the nuclear deal) was not much played among the political parties. The measures taken up by the Reserve Bank seems to have given a sense of assurance to the investors, thereby reducing the gravity of the crisis.
But matters that tend to add fuel to the five is the failure of our financial bodies to assess the success of a major industry. Bank frauds and billing frauds seemed to be as easy from the example of the Satyam break-down. The industries however are now stabilized, though they are yet to rise from their economy fall out.
The Black Friday, passed over, and same has the dark ages. This meltdown too will surely one day, be tamed and forgotten for the world. Keep our hopes pinned
on .......
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